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General Maritime Corporation Announces Pricing Of Common Stock Offering

Stocks in this article: GMR

NEW YORK, March 31, 2011 /PRNewswire/ -- General Maritime Corporation ("General Maritime" or the "Company") (NYSE: GMR) announced today the pricing of its underwritten public offering of 23,000,000 shares of newly issued common stock at a price to the public of $2.00 per share.  General Maritime has also granted the underwriters for the offering a 30-day option to purchase up to an aggregate of 3,450,000 additional shares of common stock.  The shares will be issued pursuant to the Company's existing shelf registration statement.  The offering is expected to close on April 5, 2011, subject to the satisfaction of customary closing conditions.

The Company expects to receive net proceeds of approximately $43.5 million from the offering (excluding any exercise of the underwriters' option to purchase additional shares of common stock) after deducting underwriting discounts and commissions but before offering expenses.  The Company intends to use all of the net proceeds from the offering to fund a portion of the remaining purchase price for its previously announced acquisition of a Suezmax vessel and general corporate purposes.

This offering is being made only by means of a prospectus and related prospectus supplement. A copy of the preliminary prospectus supplement, together with the prospectus, has been filed with the U.S. Securities and Exchange Commission and is available on the SEC's website, www.sec.gov.  Jefferies & Company, Inc. and Dahlman Rose & Company, LLC will act as joint book running managers for the offering. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to this offering may be obtained from Equity Syndicate Prospectus Department, Jefferies & Company, Inc., 520 Madison Avenue, 12th Floor, New York, NY 10022, at 877-547-6340, and at Prospectus_Department@Jefferies.com or from the offices of Dahlman Rose & Company, LLC at 1301 Avenue of the Americas, 44th Floor, New York, NY 10019, Attention: Prospectus Department, at 212-710-5559, and at prospectus@dahlmanrose.com.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.  The shares will be offered only by means of a prospectus, including the prospectus supplement relating to the shares, meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

About General Maritime Corporation

General Maritime Corporation is a leading crude and products tanker company serving principally within the Atlantic basin, which includes ports in the Caribbean, South and Central America, the United States, West Africa, the Mediterranean, Europe and the North Sea. General Maritime also currently operates tankers in other regions including the Black Sea and Far East. General Maritime owns a fully double-hull fleet of 31 tankers - seven VLCC, ten Aframax, eleven Suezmax tankers, two Panamax and one Product tanker - with a total carrying capacity of approximately 5.1 million dwt. The Company also has three Product tankers that are chartered-in with options to purchase the vessels. The Company controls tonnage of  34 vessels, totaling 5.2 million dwt, including the owned fleet and the chartered-in fleet.

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and observations and include factors listed from time to time in the Company's filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2010 and subsequent filings on Form 8-K.

SOURCE General Maritime Corporation

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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